Bulgaria: Refined Palm Oil Market 2024

Refined Palm Oil Market Size in Bulgaria

The Bulgarian refined palm oil market totaled $X in 2022, with an increase of 8.8% against the previous year. In general, the total consumption indicated a pronounced expansion from 2012 to 2022: its value increased at an average annual rate of +4.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -11.6% against 2020 indices. Refined palm oil consumption peaked at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Refined Palm Oil Production in Bulgaria

In value terms, refined palm oil production rose rapidly to $X in 2022 estimated in export price. Over the period under review, production enjoyed a resilient expansion. The growth pace was the most rapid in 2020 with an increase of 39% against the previous year. As a result, production attained the peak level of $X. From 2021 to 2022, production growth failed to regain momentum.

Refined Palm Oil Exports

Exports from Bulgaria

In 2022, shipments abroad of refined palm oil increased by 18% to X tons, rising for the second consecutive year after four years of decline. In general, total exports indicated slight growth from 2012 to 2022: its volume increased at an average annual rate of +1.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +19.4% against 2020 indices. The pace of growth appeared the most rapid in 2013 with an increase of 79% against the previous year. Over the period under review, the exports hit record highs at X tons in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

In value terms, refined palm oil exports surged to $X in 2022. Overall, exports recorded a prominent increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Romania (X tons) was the main destination for refined palm oil exports from Bulgaria, with a 88% share of total exports. Moreover, refined palm oil exports to Romania exceeded the volume sent to the second major destination, Greece (X tons), ninefold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Romania stood at +2.3%.

In value terms, Romania ($X) remains the key foreign market for refined palm oil exports from Bulgaria, comprising 88% of total exports. The second position in the ranking was held by Greece ($X), with an 11% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Romania totaled +6.6%.

Export Prices by Country

The average refined palm oil export price stood at $X per ton in 2022, surging by 37% against the previous year. In general, the export price continues to indicate a temperate expansion. The pace of growth appeared the most rapid in 2021 when the average export price increased by 49% against the previous year. Over the period under review, the average export prices reached the maximum in 2022 and is expected to retain growth in years to come.

Average prices varied noticeably for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Greece ($X per ton), while the average price for exports to Romania totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Greece (+5.2%), while the prices for the other major destinations experienced mixed trend patterns.

Refined Palm Oil Imports

Imports into Bulgaria

After four years of decline, purchases abroad of refined palm oil increased by 13% to X tons in 2022. In general, imports, however, recorded a noticeable slump. The pace of growth appeared the most rapid in 2013 with an increase of 14% against the previous year. Imports peaked at X tons in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

In value terms, refined palm oil imports surged to $X in 2022. Over the period under review, total imports indicated a notable expansion from 2012 to 2022: its value increased at an average annual rate of +2.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +68.7% against 2020 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Greece (X tons) constituted the largest supplier of refined palm oil to Bulgaria, accounting for a 85% share of total imports. Moreover, refined palm oil imports from Greece exceeded the figures recorded by the second-largest supplier, Malaysia (X tons), more than tenfold. The third position in this ranking was taken by Egypt (X tons), with a 2.1% share.

From 2012 to 2022, the average annual growth rate of volume from Greece totaled +5.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (-16.5% per year) and Egypt (-15.5% per year).

In value terms, Greece ($X) constituted the largest supplier of refined palm oil to Bulgaria, comprising 87% of total imports. The second position in the ranking was held by Malaysia ($X), with a 3.5% share of total imports. It was followed by Egypt, with a 2.2% share.

From 2012 to 2022, the average annual growth rate of value from Greece stood at +8.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (-13.4% per year) and Egypt (-8.5% per year).

Import Prices by Country

In 2022, the average refined palm oil import price amounted to $X per ton, jumping by 37% against the previous year. Overall, the import price enjoyed buoyant growth. The most prominent rate of growth was recorded in 2021 an increase of 46%. The import price peaked in 2022 and is likely to continue growth in years to come.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Sweden ($X per ton), while the price for Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Egypt (+8.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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